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25 February, 2014

£10 million for start-ups through government Start Up Loan scheme

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The government has made £10 million available for new businesses through it’s Start Up Loan scheme of which Outset Finance is an official national delivery partner.

YTKO Group’s Outset Finance is able to offer low interest loans for entrepreneurs over 30 who are just starting, or who have been in business for less than 12 months.

Start Up Loans typically range from £2,000 to £10,000, filling a big gap for early stage enterprises to buy stock, equip premises or simply to fund those crucial first months.

Bev Hurley, CBE, Chief Executive of YTKO Group, was delighted with the appointment: “Being chosen as a delivery partner underlines our expertise and experience in early stage funding.  In the last 12 months alone, we’ve helped our clients create 1000 new firms and over 1000 new jobs. This money gives a real boost to helping local people out of unemployment and into a properly-funded business.”

The Outset teams works with the start-up businesses so that the loans are spent wisely, and prepares them to start trading profitably and sustainably.

Bev underlines the simplicity of the loan: “Because it’s a personal loan, we don’t have to ask for security or guarantees, but we fully check the ability to repay, and the robustness of the business plan, so this money paves the way for success.”

The age limit for the government’s Start Up Loan scheme has also been removed, allowing all those over 30 who are starting an enterprise to apply for funding. The government introduced Start Up Loans originally for 18 to 30 year olds, and has already loaned more than £60 million to bolster the UK’s economic growth.

Visit www.outsetfinance.com for more details.